Well, Democratic spin surely has the middle class skeptical of the Republican tax bill. On Friday, President Trump signed the most extensive tax reform in 30 years. It was framed as a giveaway to the wealthy and something akin to the Four Horsemen of the Apocalypse by congressional Democrats. Not a single Democrat voted for the bill. In reality, it’s a middle class tax cut. Eighty percent of Americans for at least the next eight years will be paying less. The analysis says it. And now CBS News spoke to three families from Providence, Rhode Island, Fresno, California, and Cary, North Carolina to see how they would fare under Trump’s plan. Jeffrey Levin, a certified CPA at Blueprint Wealth, analyzed all three families’ tax returns and found that all three, each from different backgrounds and income levels, would be receiving serious relief.
Marcie George is a single mom, renter, and works as an administrative assistant. She lives paycheck-to-paycheck and thought the tax bill wouldn’t benefit her. Levine said because of the doubling of the child tax credit, she would be saving $1,300. George makes a little under $40,000 a year.
In Providence, Rhode Island, homeowners Amber and Jason Edwards earn a combined income of more than $150,000 a year. They’re not financially struggling, but worried they would pay more in taxes under Trump’s plan. Both are college educators and have no kids. They’re working to pay down their college loans. Levine said they would pay tax on $12,000 more in income, but due to the lower rates—they save around $650.
Then we go to deep-blue California, where Melissa and Layne Lev live in Fresno with their three children. They’re homeowners and started a small business together, recently opening a cycling studio. Melissa also works as a pharmaceutical sales representative. The couple’s combined income was $300,000. Levine said their itemized deductions will be lower, but no longer will be subject to the alternative minimum tax. And the child tax credits allow the Lev family to save $13,000.
“Well, that’s good,” said Melissa. “I like the sound of that,” added Layne.
All three families from different income brackets seem to have bought into the Democratic spin about tax cuts. All three received relief. From the single working class mother to the married upper-class business owning family—everyone is getting a cut. Not only that, but as soon as this tax bill was primed for passage, scores of companies announced that they were going to invest more in their employees, hand out bonuses, boost wages, and increase philanthropic donations. Economic growth this quarter is solid at around four percent. The Dow Jones made its greatest annual gain ever this year with a 5,000-point surge. Consumer confidence is at a 17-year high. Unemployment is at its lowest point in nearly twenty years. The economy is booming under Trump, who gets zero credit. The dust will have to settle, but there will be extensive relief to Americans with this tax reform, a lot of it going to America’s middle class, who the Democrats abandoned by voting against this legislation. They threw their lot betting against America, against the American worker, and private businesses in order to screw over the president.
Democrats are bad for business and the American family. That could be the emerging narrative when families start seeing the savings in their taxes, which will be quite a political pickle for the Left.
For New York developer Steven Witkoff, the tax overhaul signed today by President Donald Trump will have an immediate effect: he’s plowing ahead with his plan to develop the stalled Fontainebleau resort in Las Vegas.
As soon as it became clear to Witkoff that the bill had a good chance of clearing both houses of Congress, he began seeking financing for as much as 60 percent of the estimated $3 billion in development costs, he said. He plans a resort with 4,000 rooms, a casino and a restaurant on the property, purchased for $600 million in August, more than seven years after billionaire Carl Icahn acquired it out of bankruptcy. The project will create 6,000 hotel jobs and 5,000 construction jobs, Witkoff said.
You can really see the misinformation campaign at work here — two of these families had been led to believe their taxes would go up. Not true. https://t.co/cetW2syT0A— Logan Dobson (@LoganDobson) December 22, 2017